政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/153837

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 113648/144635 (79%)
Visitors : 51680976 Online Users : 491

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大機構典藏 > 商學院 > 國際經營與貿易學系 > 期刊論文 > Item 140.119/153837

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/153837

Title:	Stock Liquidity and the Choice between Public Offerings and Private Placements 股票流動性與公開募集或私下募集之選擇
Authors:	徐政義;洪崇文;魏慧珊 Shiu, Cheng-Yi;Hung, Chung-Wen;Wei, Hui-Shan
Contributors:	國貿系
Keywords:	Private placements;Public offerings;Liquidity 私下募集;公開募集;股票流動性
Date:	2012-12
Issue Date:	2024-10-04
Abstract:	This study attempts to verify whether stock liquidity is an important determinant of the choice between public offerings and private placements. Using a sample of 628 SEOs in Taiwan stock market, we find that, ceteris paribus, firms with highly liquid stocks prefer public offerings, whereas firms with illiquid stocks tend to engage in the private placement of new shares. We also find that issuers experience poor operating performance prior to the private placements. Our findings suggest that private placements serve as a substitute for public offerings when the issuing firms are unable to gain access to the public market. 本文以臺灣股票市場628個現金增資為樣本，探討股票流動性是否會影響發行公司選擇公開募集或私下募集。研究結果發現，具有高股票流動性的公司傾向以公募的方式來發行新股，而股票流動性差的公司則傾向選擇私募。此外，私募的公司在現金增資之前有經營績效不佳的現象。本文的實證顯示，私募扮演著替代的角色，當發行公司無法在公開市場募集資金時，會選擇以私下募集的方式來替代。
Relation:	Journal of Financial Studies (財務金融學刊), Vol.20, No.4, pp.1-22
Data Type:	article
DOI 連結:	https://doi.org/10.6545/JFS.2012.20(4).1
DOI:	10.6545/JFS.2012.20(4).1
Appears in Collections:	[國際經營與貿易學系 ] 期刊論文

Files in This Item:

File	Description	Size	Format
index.html		0Kb	HTML	80	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...